Leading companies profiled in Over-the-Counter (OTC) Veterinary Drugs market are Zoetis, Boehringer Ingelheim, Virbac SA, Hester, Biosciences Ltd., Merck Animal Health, Elanco Animal Health, Ceva Santé Animale, Vetoquinol SA.
NEWARK, Del., April 28, 2022 /PRNewswire/ — According to Future Market Insights, global sales of over-the-counter (OTC) veterinary drugs were worth US$8.32 billion in 2022 and the market is poised to expand at a CAGR of 8.10% over the forecast period (2022-2032).
The high cost of healthcare and medications for pets has driven the growth of the pet insurance industry. The North American Pet Insurance Association report said approximately 3.45 million pets were covered by pet insurance per May 2021with an average growth rate of 23.4%.
Online pharmacies have grown in popularity over the past couple of years, primarily due to the global lockdown that has necessitated door-to-door delivery of medications. For example, in a report by the Federation of Indian Chambers of Commerce and Industry, around 9 million households use online pharmacy services.
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They also estimated an exponential increase in the use of the ePharmacy service by 2025, where approximately 70 million households would use ePharmacy. This paradigm shift in consumer buying behavior will create lucrative opportunities for growth in the global market.
Moreover, major players are focusing on product launches, strategic partnerships, and acquisitions to expand their consumer base and provide better services across the globe.
Key points to remember:
- Antiparasitic drugs, in the drug class segment, are expected to represent a 12.8% market share in the global over-the-counter (OTC) veterinary drugs market, growing at a CAGR of 8.10% over the forecast period (2022-2032).
- By product form, oral medications are expected to capture more than 75% market share of the global over-the-counter (OTC) veterinary drugs market at a CAGR of 7.9% between 2022 and 2032.
- Online pharmacies, among sales channels, should represent 37.8% market share in the global over-the-counter (OTC) veterinary drugs market in 2022.
- North America will dominate the global over-the-counter (OTC) veterinary drugs market with a market share of 34.7% by the end of 2022.
Leading companies reviewed in the Over-the-Counter (OTC) Veterinary Drugs Market report are:
- Boehringer Ingelheim
- Virbac SA
- Hester Biosciences Ltd.
- Merck Animal Health
- Elanco Animal Health
- Ceva Animal Health
- Vetoquinol SA
- Phibro Animal Health Society
- Dechra Pharmaceuticals PLC
- Kyoritsu Seiyaku Company
“Rising awareness of antibiotic resistance, rising pet adoption rate and rise in pet-related diseases are driving the global demand for over-the-counter veterinary drugs over the forecast period. ,” says an analyst from Future Market Insights.
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Product launches, strategic collaborations and acquisitions are some of the key strategies adopted by over-the-counter veterinary drug manufacturers to expand their product portfolio.
- In April 2021On World Veterinary Day 2021, Hester Biosciences announced the launch of its new line of plant-based products for livestock and poultry.
- In September 2021Virbac and Jectas Innovators have announced the formation of their collaboration agreement to develop their animal health vaccines segment.
- In August 2020Merck Animal Health announced the acquisition of IdentiGEN, a leader in DNA-based animal traceability solutions for animal husbandry and aquaculture.
- In September 2020Boehringer Ingelheim has acquired a stake in New Ruipeng Group (NRP Group), which operates digital and clinical services for pets across China.
Key Market Segments Covered by Over-the-Counter (OTC) Veterinary Drugs Industry Research
By drug class:
- Decongestants and bronchodilators
- H2 receptor antagonists
- Nutrients and Supplements
- Lubricating eye drops and artificial tears
- Antidiarrheal agents
By product form:
By sales channel:
- Veterinary hospitals
- Veterinary clinics
- Retail pharmacies
- Hypermarkets & Supermarkets
- Online pharmacies
- Veterinary shops
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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Future Market Insights brings a comprehensive research report on projected revenue growth at global, regional and country levels and provides analysis of latest industry trends in each of the sub-segments from 2017 to 2032. Extraction is segmented in detail to cover all aspects of the market and present the reader with a comprehensive approach to market intelligence.
The study provides compelling insights into the over-the-counter (OTC) veterinary drug market based on drug class (Non-Steroidal Anti-Inflammatory Drugs (NSAIDs), Antihistamines, Decongestants & Bronchodilators, Antibacterials, H2 Receptor Antagonists, Nutrients and supplements, glucocorticoids, eye drops, lubricants and artificial tears, antiparasitics, antidiarrheals and others), by product form (oral, injectable, topical and others) and sales channel (veterinary hospitals, veterinary clinics, retail pharmacies, hypermarkets and supermarkets, online pharmacies and veterinary stores) in seven major regions.
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